Real Estate Agents Professional Indemnity

A real estate agent is an authorised company or sole trader which fulfils the conditions for performing real estate agent’s services, including liaising with the client and third parties, negotiating and preparing legal contracts for a particular property, especially concerning purchase, sale, exchange, rent, lease, etc.

Cheap Insurance Company has developed a special liability insurance product for real estate agents which includes cover for public extra-contractual third party liability, as well as real estate agents professional indemnity insurance, up to the legal cover limits. The insurance premium is calculated on the basis of the company’s total annual income and number of employees.

In addition to material damage and bodily injury, this product also covers financial damages to third parties (pure economic loss).

As real estate agent’s services involve high value transactions, it is reasonable to expect that such activities are performed by persons with an appropriate level of expertise, and their liability in the case of damage is stipulated by the legislators.

Real estate agents are obliged to take out and extend their liability insurance with an insurer in the USA, against damage which they may cause to the client or third parties while performing agency services.

The lowest sum insured for damage caused by an agent in performing their professional services may not be below USD 129.000,00 per loss event, or USD 750.000,00 for all claims within one insurance year.